{"id":87705,"date":"2023-12-02T10:56:40","date_gmt":"2023-12-02T08:56:40","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mthuli-proposes-wealth-tax-targetting-houses-valued-at-us100-000-or-more"},"modified":"2023-12-02T14:49:03","modified_gmt":"2023-12-02T12:49:03","slug":"mthuli-proposes-wealth-tax-targetting-houses-valued-at-us100-000-or-more","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/mthuli-proposes-wealth-tax-targetting-houses-valued-at-us100-000-or-more","title":{"rendered":"Mthuli Proposes “Wealth Tax” Targetting Houses Valued At US$100 000, Or More"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Government of Zimbabwe intends to impose a \u201cwealth tax\u201d on homeowners whose properties have a minimum value of US$100 000.<\/p>\n

Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube, in his 2024 National Budget presentation on Thursday said the wealth tax will be levied at a rate of 1% of market values of residential properties with a minimum value of US$100 000. Said Ncube:<\/p>\n

Mr Speaker Sir, the key fundamental of tax policy is to address the regressivity of tax that occurs when individuals<\/p>\n

in a low-income category pay a higher percentage of their income as compared to individuals in higher income brackets.<\/p>\n

Consequently, the tax incidences fall disproportionately on the low-income groups resulting in inequality.<\/p>\n

To ensure that every person contributes to the Fiscus in line with their levels of income, I propose to introduce a Wealth Tax levied at a rate of 1% of market values of residential properties with a minimum value of US$100 000.<\/p>\n

Resources derived from the levy will be ring-fenced towards urban infrastructure development, in particular roads, water, sewer and community health centres.<\/p>\n

Principal Private Residential properties owned by elderly persons above 70 years will, however, be exempt from the tax.<\/p>\n

Journalist and Government critic Hopewell Chin\u2019ono said the proposal by Ncube shows that the Zimbabwean economy has now collapsed. Chin\u2019ono posted on X<\/p>\n

In a move that shows that the Zimbabwean economy has now collapsed, the Government will now tax Zimbabweans and anyone else who owns houses in Zimbabwe, 1% of the house\u2019s value.<\/p>\n

It means that if your house is worth US$$400,000, you will pay US$4000 a year to the State.<\/p>\n

It means with immediate effect of that tax coming in, rentals will also go up in Zimbabwe as property owners will simply pass on the tax to their tenants.<\/p>\n

10 years of paying that tax for a person who owns one house worth US$400,000 will amount to US$40,000 or even more as the house value goes up.<\/p>\n

The wheels have come off in Zimbabwe!<\/p>\n

However, Government spokesperson Ndavaningi Mangwana defended the proposed tax, saying:<\/p>\n

MANSION TAX was a concept proposed by one UK politician but was not eventually implemented. Levying this type of taxation is not a sign that things are collapsing.<\/p>\n

It\u2019s a recognition of the fact that there are people with high-value properties who have not paid any tax on the income from which they bought or built such mansions.<\/p>\n

In Zimbabwe, there are many such people. A variant of the Mansion Tax has now been proposed in Zimbabwe.<\/p>\n

We are not alone in this. Many states in America do charge for having a high-value home. The proposal by Minister @MthuliNcube is to levy such a surcharge on houses with values above US$100 000.<\/p>\n

This will catch many and hence many are going to express an opposition to it. But it\u2019s natural for people to resist and try to avoid taxation.<\/p>\n

And it\u2019s natural for governments to insist and enforce. This one is going to be interesting because it will catch man.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Government of Zimbabwe intends to impose a \u201cwealth tax\u201d on homeowners whose properties have a minimum value of US$100 000. Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube, in his 2024 National Budget presentation on Thursday said the wealth tax will be levied at a rate of 1% of market […]<\/p>\n","protected":false},"author":84,"featured_media":87704,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[15697,1493,2189,19],"class_list":{"0":"post-87705","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-2024-national-budget","10":"tag-africa-press","11":"tag-africa-press-zimbabwe-2","12":"tag-zimbabwe"},"yoast_head":"\nMthuli Proposes "Wealth Tax" Targetting Houses Valued At US$100 000, Or More - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Government of Zimbabwe intends to impose a \u201cwealth tax\u201d on homeowners whose properties have a minimum value of US$10 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mthuli-proposes-wealth-tax-targetting-houses-valued-at-us100-000-or-more\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mthuli Proposes "Wealth Tax" Targetting Houses Valued At US$100 000, Or More\" \/>\n<meta property=\"og:description\" content=\"The Government of Zimbabwe intends to impose a \u201cwealth tax\u201d on homeowners whose properties have a minimum value of US$10 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mthuli-proposes-wealth-tax-targetting-houses-valued-at-us100-000-or-more\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-02T08:56:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-02T12:49:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/12\/sm_1701504822.306996.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"572\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mthuli-proposes-wealth-tax-targetting-houses-valued-at-us100-000-or-more\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mthuli-proposes-wealth-tax-targetting-houses-valued-at-us100-000-or-more\",\"name\":\"Mthuli Proposes \\\"Wealth Tax\\\" Targetting Houses Valued At US$100 000, Or More - 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